Tuesday, January 26, 2010

Post 212. The Italian Public Debt.

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Without any doubt, the real person of the year is none other than the Italian public debt. It has grown more than the economy, inflation or the people’s salaries. In October it climbed to more than 1,800 billion Euro and then took a break in November, settling at around 1.783 billion just before the Christmas holidays. It is ready to take off again and surprise everyone in 2010. No one knows what heights it could achieve. Those who have dared to make forecasts have always been beaten by the reality. 2009 will close with a public debt that is forecast to be about 140 billion higher than that at the end of 2008, which ended with a public debt of 1,664 billion. Every Italian is personally liable for 30,000 Euro, a debt accrued on his/her behalf by the Government. Therefore, a family of four has a cumulative liability of 120,000 Euro. Each of us would have to take out a twenty-year loan to repay this debt. In 2009, Tremorti indebted us to the tune of almost one billion Euro more every two days. On what has he spent this monumental amount of money? What we want to know is where has all that money gone? No one knows for certain. As at the end of November, the Treasury’s account balance between income and expenditure stood at less than 74 billion. Expenditure increased by 44.8 billion compared to the same period in 2008. Tax income dropped by 3.4% in a single year while expenditure rose by 11.1%. A crazy economic policy that no family man in his right mind would dream of applying to his family budget. Our public debt is amongst the highest in the world and has to be addressed, but no politician is willing to talk about it. So our debt is growing and our GDP is falling? No problem, our debt becomes part of our GDP. Italy is one of the biggest producers of debt and exports it everywhere. Tremorti placed a not insignificant amount of it on his last trip to China. Any party that holds another party’s debt can control the debtor and, if the debt is large enough, he becomes the debtor’s master. It works the same way when one is talking about Countries, but who is the holder of our debt? Who is our master and is thus able to influence, for example, our foreign policy or economic policy? The final debtor, namely the man in the street, has no answer to this question. The fact is that we simply don’t know. Prior to the coming of the Euro, monetary inflation was the tool used to balance the Country’s books. Purchasing power would decrease and we all became poorer. Now that this tactic is no longer possible, the debt increases to the point of default. That’s because not even a debt as sound as that of Italy can continue to increase indefinitely. However, today our debt is the world’s latest “Made in Italy” product, if you think about it, it’s absolutely fantastic, productivity along the lines of the olden-day Brianza. Italy is producing half a billion Euro a day of export quality public debt. The public debt is the Country’s top industry and can only grow! Heading for catastrophe with optimism.
MoVimento 5 Stelle Emilia RomagnaOn Saturday 16 January at 12h00 I will be addressing a press conference at the Farnese Chapel at the Bologna Municipality premises in Palazzo D' Accursio, to announce the regional election list; click here.

The first Signature Day for the MoVimento 5 Stelle in Emilia Romagna: On Saturday 16 we will be accepting signatures in Bologna, Modena, Reggio Emilia, Cesena, Piacenza, Guastalla. On Sunday 17 it will once again be the turn of Modena and Cesena. Click here to view venues and times:


MoVimento 5 Stelle VenetoOn Saturday 16 January at 16h00 I will be dropping in to visit the guys of the MoVimento in Piazza delle Erbe in Verona and at 18h30 in Piazza Ferretto in Mestre (VE). At 21h00 I will be addressing a press conference at the Adria Municipal Theatre at No.1, in Piazza Cavour, to announce the regional election list for the Veneto Region.
MoVimento 5 Stelle PiedmontOn Saturday 16 and Sunday 17 January the second Signature Day will be held for the Piedmont Region. Come down and add your signature to the list, free of charge, at the tables in Turin, Ivrea, Chieri, Bussoleno, Asti, Alessandria, Cuneo, Alba, Bra, Mondovì, Fossano, Biella, Cossato, Novara, Vercelli and Omegna. Full details regarding the agenda (remember to take along your identity document). click here.
MoVimento 5 Stelle Lombardy - To find out when and where to sign to support the election list, click here.

Posted by Beppe Grillo at 06:45 AM in |


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